/biz/ - Business & Finance

[Anonymous No.56924829]

One Bitcoin is worth $44,000, why is it so expensive? What does a Bitcoin do?

[Anonymous No.56924839]

>What does a Bitcoin do?
It makes me rich.

[Anonymous No.56924841]

value is based on supply and demand
demand is based on utility and perception

[Anonymous No.56924852]

>>56924829
>What does a Bitcoin do?

Slowly drain fiat of its lifeforce every night like Count Dracula.

[Anonymous No.56924871]

it does the needful ser

[Anonymous No.56924872]

>>56924829
it inflates slower and slower forever until block rewards are a fraction of a btc, with a hard cap on the total maximum supply - unlike fiat which is printed endlessly with (as of late) an increasing inflation rate

[Anonymous No.56924876]

>>56924829
unbreakable, uncorruptable, unhackeable, self sustained decentralized ledger. Put some money in it and nobody can take it from you. That is what bitcoin does.

[Anonymous No.56924879]

>>56924872
Are there still people who think a cap on a currency supply could be a good thing lol?

[Anonymous No.56924909]

>>56924829
>What does a Bitcoin do?

>the network runs autonomously with no centralized authorities
>it can't be debased through inflation
>it can't be double spent
>it can be stored/transferred digitally
This combination of properties, which didn't exist before Bitcoin was invented, is what makes it valuable

[Anonymous No.56924915]

>>56924879
BTCs best use case is as a store of value, not a currency, in which case a cap is desirable for maximum scarcity

[Anonymous No.56925098]

the easiest to verify it's legitimacy store of value

[Anonymous No.56925112]

>>56924829
>What does a Bitcoin do?
Your mom

[Anonymous No.56925145]

>>56924909
>didn't exist before Bitcoin was invented
The digital advantage is correct. Metallic standards do everything else though.

[Anonymous No.56925151]

>>56924841
But why is there a demand for it? What can you use it for? I tried reading the Wikipedia about Bitcoin and I have no idea wtf I'm reading and nobody even knows who this Satoshi guy even is. Seems kind of sketchy to me, and I don't really get what "mining" is so you use a ton of power/electricity to "mine" for a Bitcoin, so have bitcoins always been around and one got discovered? Or was just invented?

[Anonymous No.56925246]

>>56924829
>>56925151
Bitcoin is money, like gold or fiat. You just don't understand why money has value. Learn that first, then you'll know why bitcoin is really good as money, so has value through utility as money.

[Anonymous No.56925268]

>>56925246
Gold has value money is what you get in exchange for goods and services. What makes a Bitcoin worth 42,000 dollars?

[Anonymous No.56925286]

>>56925268
It being rare and having people who want it.
If you go searching for intrinsic values, you'll discover most everything is overpriced.

[Anonymous No.56925287]

>>56924841
>utility
It's a peer to peer cash system that cost $20 per transaction. It's the future of finance, you just wouldn't understand.

[Anonymous No.56925322]

>>56924879
The Core developers don't seem to think so.

https://petertodd.org/2022/surprisingly-tail-emission-is-not-inflationary

[Anonymous No.56925325]

>>56924829
It stores value in a scarce & digital manner nigga.

[Anonymous No.56925343]

>>56925268
>Gold has value
But WHY? Why do you think shiny metal has value way beyond any industrial or aesthetic purpose?
>money is what you get in exchange for goods and services
Right and you can exchange 1 BTC for the equivalent of $44,000 of goods and services.

[Anonymous No.56925709]

>>56925145
Damn your bags must be heavy lmfao

[Anonymous No.56925781]

It's fake don't waste your time. Trust me I looked into it and wasted years of my life. It's a scam.

[Anonymous No.56925944]

>>56925268
>What makes a Bitcoin worth 42,000 dollars?
Security, immutability, decentralization, transparency.

[Anonymous No.56926005]

>>56925343
gold is scarce, and used for stuff like computers and jewelry, its not liiterally investing into nothing like shticoins, it physically exists its not just imgaginary nothings, it physical exists but is scarce, you can literally make up as many shitcoins as you want bc its all imaginerary cope while you cant just make up gold out of thin air, gold is the official payment for millenia

[Anonymous No.56926016]

>>56925151
its obvious money laundering, and also to increase a NWO globohomo controlled world
if you just make up money and it can be digitally monitored its all over, its literally dumbasses investing into their own enslavement in the hope of gaining (gambling) quick bucks

[Anonymous No.56926047]

BTC is a fixed unit of account, Trustless Money, we can finally measure all by all, there is no way to guarantee more BTC by holding BTC. Hyperbitcoinization has already happened, the world just hasn't realized yet. There's no need to use BTC as common currency to fix systemic economic calculation, as everything can be measured against BTC, and BTC can only be acquired through voluntary trade, as such we can use the whole of global finance as our 'L2'. The magic of economic solutions is you neither need to believe in them, nor understand why they work, for them to work.

Never forget how rare BTC is, and how much other "fixed" units of account actually inflate. Gold is mined at a rate of 2% per year, for every new BTC mined today, 21 POUNDS of gold is mined, after 2024 that'll be 42lbs and so on. There currently exist 16lbs of gold above ground for every one of the total 21m BTC, and 5 toz of new gold mined for every one of the 21m BTC. Every year every single BTC that will ever exist gains 5 toz of gold of rarity. This halving marks the inflection point where BTC inflation (~1.7% now) fails well below gold inflation (2%), at all future points BTC will only ever be a better and better fixed unit of account. Bitcoin is an inevitability.

[Anonymous No.56926049]

>>56925268
What makes gold worth 2000 dollars?
What makes a dollar worth something?

[Anonymous No.56926075]

>>56924829
It's all about eliminating the need for banks and middlemen, that's the main thing brih. Blockchain Technology renders them obsolete.

[Anonymous No.56926079]

>>56926005
Most of golds value comes from as money, so we can ignore "stuff like computers and jewelry" just like you can ignore bitcoin as a payment network adding significant value, or bitcoin has a database adding significant value. Like a global database has value right? AWS has value, software has value, so bitcoin has real utility just as much as gold, but they are both much more valuable because they are money.

>it physically exists its not just imgaginary nothings
No, gold as money is imaginary. Gold is a shiny rock. It doesn't do anything other than be scarce and be easily identifiable as gold. Gold as money is just as imaginary as bitcoin as money. The are both just decentralized ledgers, a way of telling who has what. gold through being physically scarce and bitcoin through code. They both have a way of doing this without a centralized entity having control over it. The value is that ledger, not the physical or software nature of the implementation.

[Anonymous No.56926083]

>>56926005
>gold is scarce
Finite. But definitely not scarce.
>used for stuff like computers and jewelry
Jewelry is worthless. It's like saying that gold is used for carrying it in you.
The ACTUAL industrial use of gold is extremely low. Like 2-4%.
>it physically exists
This is a nonargument. Your thoughts are not physical and I'm sure you find them valuable. Same applies to information or data or radiowaves.
>you can literally make up as many shitcoins as you want
This is another nonargument. I can replicate a Picasso and that won't make it as valuable as the original.

[Anonymous No.56926169]

>>56925145
Not even close. Gold supply has doubled in the last 50 years

[Anonymous No.56926202]

>>56925145
>Metallic standards do everything else
except self validation of the entire protocol which is the real measure for decentralization and one of the most important aspects of a currency

[Anonymous No.56926220]

>>56924915
>store of value
not a real concept, you can't store value
there's also nothing on the source code for any node suggesting this
doesn't matter what some twitter influencer told you

[Anonymous No.56926237]

>>56925287
$2.71 as of this post

[Anonymous No.56926261]

>>56926005
in every one of these threads there's always the gold-in-electronics retard who didn't know gold was valuable ages before electronics was even hinted at existing
retarded mongoloid

you can stop using all industrial gold tomorrow and it wouldn't knock 5 cents off its capitalization

[Anonymous No.56926278]

>>56926220
See: >>56926047

From an economic calculation perspective, it's far more efficient to have a universal fixed unit of account as you no longer waste resources on things that only look net positive because of monetary expansion.

[Anonymous No.56926309]

>>56924829
your mom

[Anonymous No.56926341]

>>56924829
It tells the world to not put trust and faith into people, but mathematics.

[Anonymous No.56926412]

>>56926220
You can store value, its just reliant on society producing enough value for everyone. Accounting is how society keeps track and agrees on who contributed what, who deserves what. A currency system is just an accounting system or ledger to do that, but with a standardized unit of value. The value is not directly from code or something, the code is the protocol everyone agrees to, and value is provided by the people using it.

[Anonymous No.56926448]

>>56924829
It is a store of value that takes the power away from banks and government. In theory we could start our own economies and countries using crypto and DAOs

[Anonymous No.56926487]

>>56924829
https://www.blockchain.com/explorer/addresses/btc/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

Shit nigger why would people send btc to the genesis block?

[Anonymous No.56926933]

>>56924829
Wdym by why's it so expensive?
Weren't you there when it sold for $1 then $100 then $2k, $10k, $30k, it even surpassed $60k.

Are investments meant to be stagnant for you, wait until you see my altcoins make higher peaks then you'll ask more of this, memecoins like MEMEFI has over 100x potential watch me ride it alongside other narratives in the cryptoverse.

[Anonymous No.56927057]

>>56926933
OP listened to youtube/4fag cucks and fell for the 10k meme

[Anonymous No.56927614]

>>56924829
It's like money but you can send it on the Internet.
It's like gold with a teleportation function.
Alao no btc is going to be discovered on asteroids to make it more abundant in the future.

[Anonymous No.56927640]

>>56924829
represents true and complete ownership over 1btc worth of space on the bitcoin blockchain/ledger system

provides you access to this global monetary network that offers 24/7 uptime and settlement with reasonably low costs relative to tradfi alternatives and 0 middlemen, complete and total control & ownership of your funds

provides you portable wealth in a way other stores of value like gold never could, you could go anywhere on earth with $1bn in a tiny hardware wallet or even with memorized private keys in your head

ultimately trust in a system determined by mathematics than a system determined by humans with all their faults and perverse incentives